A machine having a first cost of P60,000.00 will be retired at the end of 8 years. Depreciation cost is computed using a constant percentage of the declining book value. What is the total cost of...

Engineering Economics problem. Help me for the solution

Extracted text: A machine having a first cost of P60,000.00 will be retired at the end of 8 years. Depreciation cost is computed using a constant percentage of the declining book value. What is the total cost of depreciation, in pesos, up to the time the machine is retired if the annual rate of depreciation is 28.72%? Ans. P56,001.54